Is there a way our live stream can display pre-loaded videos when the stream isn't live?

Yes, that is possible with the Online Media Campus developed by Lightcast. The Online Media Campus is a website which includes your live stream player and one of your VOD players, as well as some other features which can be viewed on following page: http://mediacampus1.lightcast.com  

If there is no live stream signal, than the VOD player will be displayed. As soon your scheduled live event starts, the LIVE streaming player automatically replaces the VOD player. After the live event is over, the VOD player replaces the LIVE player again.

The Media Campus is included in most of the Lightcast packages. Please see www.lightcast.com/packages. If your package includes the Media Campus, simply fill out the “Online Media Campus” form located in your Lightcast.com account under “Account / My App Specs / My Online Media Campus”. Once the form is filled out, our developers can begin with the development of your Media Campus. Along with the Media Campus you will receive access to the CMS which allows you to make changes on your Media Campus such as logo changes, background images changes, ad banner changes etc. 

Please contact the Lightcast Customer Care department by sending an email to customercare@lightcast.com if you have any further questions about the Online Media Campus.